Normandy Real Estate scooped up a 375-unit high-rise in Fulton Market for $175M, the largest multifamily purchase since 2023.

Fulbrix Apartments, a 27-story tower at 160 N. Elizabeth St., is the most expensive multifamily property to change hands in the city since Spanish billionaire Amancio Ortega’s real estate investment firm paid $231M for the 492-unit tower at 727 W. Madison St.

Greystone provided $120M in Fannie Mae Delegated Underwriting and Servicing financing for the acquisition. The financing carries a 10-year term with seven years of interest-only payments.

“This acquisition underscores the enduring appeal of Fulton Market as a premier multifamily investment destination,” Normandy Real Estate CEO Adam Snyder said in a release.

PEOPLE

Matthews Real Estate Investment Services hired Bryan Kunze as first vice president. Based in Chicago, Kunze brings more than a decade of brokerage experience, specializing in multifamily and student housing investment sales throughout the Midwest. Kunze joins the firm after a stint at Marcus & Millichap.

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Crosstown Fiber, a fiber-optic infrastructure developer based in Lombard, appointed Eric Nickla as its chief revenue officer. Nickla comes to the company with more than 33 years of experience in telecommunications, data centers and fiber networks. In his new role, he will lead Crosstown Fiber’s revenue strategy, overseeing enterprise sales, strategic partnerships and go-to-market execution.

SALES

An unnamed buyer purchased 4501-4509 N. Greenview Ave., a 37-unit courtyard apartment building in Ravenswood, for an undisclosed price. The building comprises six studios and 31 one-bedroom apartments. Essex Realty Group's Doug Imber, Kate Varde and Rick Ofman completed the deal.

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HCB Realty Partners facilitated the purchase of two light industrial warehouses in Chicago, totaling about 15K SF. HCB Realty's Brian Etten represented a commercial photography studio in an 8K SF warehouse buy in Avondale. He also represented a digital media company in the purchase of a 7K SF West Loop warehouse.

LEASES

An undisclosed tenant signed a 33K SF lease at a truck maintenance and trailer parking facility at 13235 Southwest Highway in Orland Park. The facility was previously owned by AT&T and was renovated in 2024. Entre Commercial Realty's Cory Kay, Mike DeSerto, Elisabeth Lazzara and Chris Wilbur represented the landlord in the deal.

CONSTRUCTION AND DEVELOPMENT

Northern Builders will develop a 31K SF build-to-suit industrial facility in Plainfield for Chicago-based healthcare consumables group Pharmacy Automation Supplies.

Construction of the new facility is set to begin in May, with an anticipated December completion date. Cushman & Wakefield’s Jason West, Sean Henrick and Ryan Klink represented Northern Builders, while Lee & Associates' Terry Grapenthin and Ryan Earley represented Pharmacy Automation Supplies.